Jefferies raised the firm’s price target on CoreWeave (CRWV) to $80 from $51 and keeps a Buy rating on the shares following the Q1 report. The company added a new hyperscaler customer and signed a $12B deal with OpenAI as well as a $4B extension with a large artificial intelligence enterprise, doubling its revenue backlog to $30B from $15B in Q4, the analyst tells investors in a research note. Jefferies sees no sign of AI compute tailwinds easing up soon and views CoreWeave as a “multi-year winner.” It believes the stock’s valuation is “still reasonable.”
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CRWV:
- Cisco upgraded, CoreWeave downgraded: Wall Street’s top analyst calls
- Morning Movers: Deere gains and Alibaba falls after quarterly results
- CoreWeave price target raised to $85 from $80 at Northland
- Largest borrow rate increases among liquid names
- CoreWeave downgraded to Underperform from Neutral at DA Davidson